Delivery app dares Shanghai-to-New York IPO route

Luckin Coffee

15/05/2020 04:19

(The author is a Reuters Breakingviews columnist.  The opinions
expressed are his own.)
    By Alec Macfarlane
    HONG KONG, May 15 (Reuters Breakingviews) - Dada Nexus,
backed by JD and Walmart, aims to raise $500 mln on the Nasdaq
even as U.S. political backlash against Chinese companies
intensifies. Luckin’s scandal raises fresh doubts, as do stock
performances of recent debuts. And yet rival bourses are
struggling to capitalise.  
    Full view will be published shortly.
    On Twitter https://twitter.com/AlecMac11
    
    CONTEXT NEWS
    - Dada Nexus, a Chinese delivery company backed by
e-commerce giant JD.com and U.S. retailer Walmart, on May 12
submitted documents to securities regulators for an initial
public offering in New York. 
    - The company intends to raise about $500 million and is
expected to list in early June, said a person familiar with the
plans who requested anonymity because of restrictions on
discussing the matter with the press. 
    - Dada Nexus generated 1.1 billion yuan ($155 million) in
sales in the first three months of the year, nearly twice as
much compared to the same period a year earlier. It lost 495
million yuan during the period, about the same as in the first
quarter of 2019.
    - Goldman Sachs, Bank of America and Jefferies are the lead
underwriters on the IPO.
    - For previous columns by the author, Reuters customers can
click on  MAC/ 
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Chinese online grocery firm Dada files for U.S. IPO   
 urn:newsml:reuters.com:*:nL4N2CV2D3
IPO filing    https://www.sec.gov/Archives/edgar/data/1793862/000119312520140383/d838738df1.htm
BREAKINGVIEWS-Cloud IPO is fresh air for U.S. China listings   
 urn:newsml:reuters.com:*:nL4N2CN05Q
BREAKINGVIEWS-Stars align for China tech’s stay-at-home project 
   urn:newsml:reuters.com:*:nL3N2CG0AZ
BREAKINGVIEWS-Wall Street stuck with Luckin Coffee dregs   
 urn:newsml:reuters.com:*:nL4N2BV07W
    ^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^>
 (Editing by Jeffrey Goldfarb and Sharon Lam)
 ((alec.macfarlane@thomsonreuters.com; Reuters Messaging:
alec.macfarlane.thomsonreuters.com@reuters.net))